State funds: registered warrants.

Existing law prescribes procedures for the issuance of registered warrants and provides that a registered warrant is acceptable and may be used as security for the performance of any public or private trust or obligation. This bill would, if the Controller makes a specified determination, require a state agency to accept, from a person or entity, a registered warrant issued by the Controller and endorsed by that payee, at full face value, for the payment of any obligations owed by that payee to that state agency. The bill would specify that its requirements do not apply to certain obligations and would require the Controller, on or before the September 1 following the conclusion of a fiscal year in which a state agency is required to accept registered warrants pursuant to these provisions, to submit a report to the Joint Legislative Budget Committee. The bill would make its provisions inoperative on July 1, 2012, and would repeal them on January 1, 2013. This bill would declare that it is to take effect immediately as an urgency statute.